Muscat: The deadline to replace old Omani (currency) banknotes ends on Wednesday, July 31.
The Central Bank of Oman (CBO) had issued a statement in this regard last month giving a one-month grace period to those who are in the possession of the old currency notes.
In accordance with Article 45 (D) of the Banking Law issued under Royal Decree No 114/2000, the CBO announced that all banks and FLCs operating in the Sultanate as well as citizens and residents that it has set a period of one month as of July 1, 2019, to replace the expired banknotes.
The notes to be replaced are all old Omani banknotes issued before November 1, 1995, including:
First Issue: Saidi Riyal issued in 1970 under the supervision of Muscat Currency Authority (100 Baisa, Quarter Riyal, Half Riyal, RO1, RO5, RO10.
Second Issue: Banknotes issued in 1972 under the supervision of Oman Currency Board (100 Baisa, Quarter Riyal, Half Riyal, RO1, RO5, RO10.
Third Issue: Banknotes issued in 1976 under the supervision of the Central Bank of Oman (from 100 Baisa to RO50).
Fourth Issue: Banknotes issued in 1985 under the supervision of the Central Bank of Oman (from 100 Baisa to 50 Riyals).
Omani banknotes issued on November 1, 1995:
Fifth Issue: Banknotes RO50, RO, RO10 and RO5, which do not have the shiny holographic security strip on their front side.
"It is therefore advised that all old banknotes mentioned above shall be replaced with the ones currently circulated by the CBO head office in Ruwi or its branches in Salalah and Suhar before the set deadline. It should be noted that these currencies will become illegal tender beyond the replacement deadline," the apex bank urged in a release.
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